Existing 'ineptitiude' causing VAT concern
A LEADING businessman yesterday said the Government must have a serious plan to collect all revenue due under a Value Added Tax (VAT) system, citing the $400 million-plus owed in outstanding real property tax (RPT) as a “classic example” tax collection ineptitude.
First-time buyers urged: 'Act now'
POTENTIAL first-time home buyers were yesterday urged to “act now” and capitalise on the first-time buyer Stamp Duty exemption, the Bahamas Real Estate Association’s (BREA) president telling Tribune Business: “There is no guarantee it would be in place tomorrow”.
Real property tax outsourcing urged
A FORMER Bahamas Chamber of Commerce president said yesterday it was “not at all surprising” that some 35,000 properties that should be subject to real property tx (RPT) assessments were not in the Government’s database, again calling for this tax’s collection to be outsourced to the private sector.
Ex-Cabinet Minister targets South Ocean
A former Bahamian Cabinet Minister has partnered with international investors in a bid to either acquire the South Ocean Resort or its casino licence, Tribune Business can reveal.
Gov't targets 15% VAT from July 1, 2014
THE Government is proposing to implement a Value Added Tax (VAT) on July 1, 2014, at a rate of 15 per cent, the Minister of State for Finance said yesterday, adding that the hotel industry would be subject to a lower 10 per cent rate.
Real property tax: 1/3 of homes not in government database
AROUND one-third of the properties that should be subjected to Real Property Tax assessments are not in the Government’s database, it was revealed yesterday, with 25 per cent of those that are benefiting from the ‘owner-occupied’ exemption.
VAT not mandatory for 15,000 firms
More than 80 per cent of Bahamian companies, numbering more than 15,000, will not be mandated to pay Value Added Tax (VAT), with financial services and health/education among the industries exempt from paying it.
BTC, Cable blast retail price rules
The Bahamas’ two leading communications operators have urged the Utilities Regulation & Competition Authority (URCA) to move rapidly to alter retail pricing regulations they slammed as “invasive, arbitrary and expensive”.
PHA 'victim' of price gouging
The Public Hospitals Authority (PHA) yesterday reiterated that it had no policy to exclude Bahamian medical equipment and pharmaceutical suppliers from its Critical Care Block expansion tenders, stating it had spent almost $124 million with local distributors over the past five years.
90% of taxes to go via Central Revenue Agency, Customs
THE Government is proceeding with plans to establish a Central Revenue Agency (CRA) that will collect all taxes bar Customs duties, a Cabinet Minister saying that together the two departments would receive 90 per cent of all due revenues.
THE ART OF GRAPHIX: Memorise the hard disk differences
HAVE you ever walked out of a Mall and completely forgotten where you parked? Walked into a store and not remembered what you went there to buy? Or walked into a room and forgot why you were there?
S&P: Give us ‘complete package’, not 10% cuts
Wall Street yesterday said it wants the Government to come up with “more of a complete package” rather than just a 10 per cent spending cut designed to contain immediate fiscal “pressures”.
Chamber chief: 2-2.5% growth is 'a stretch'
The Bahamas Chamber of Commerce’s (BCCEC) chief executive yesterday said it would be “a stretch” for this country to generate even 2-2.5 per cent economic growth for 2013, although he expressed hope that last year’s 5.5 per cent decline in commercial loan arrears was a “sign of things to come”.
BTC, Cable criticise Gov'ts seven-month sector policy delay
Cable Bahamas and the Bahamas Telecommunications Company (BTC) are both urging regulators to push the Government to release its revised industry policy, noting that it is already four months late and causing increased uncertainty for sector players/investors.
IMF: 'No threat' to financial industry
The International Monetary Fund (IMF) last night said there were “no immediate threats” to the stability of the Bahamas’ financial services industry, while describing the Government’s fiscal position as “the key policy priority”.
